 | |
| Company type | Public |
|---|---|
| |
| ISIN | INE237A01028 |
| Industry | Financial services |
| Founded | 6 February 2003; 22 years ago (6 February 2003) |
| Founders | Uday Kotak |
| Headquarters | Mumbai,Maharashtra, India |
Key people |
|
| Products | |
| Revenue |  ₹94,274 crore (US$11 billion)[1] (2024) |
| ₹25,836 crore (US$3.0 billion)[1] (2024) | |
| ₹18,213 crore (US$2.1 billion)[1] (2024) | |
| AUM | ₹420,880crore (US$49 billion) (2023)[2] |
| Total assets | ₹767,667 crore (US$90 billion)[3] (2024) |
| Total equity | ₹128,898 crore (US$15 billion)[3] (2024) |
Number of employees | 116,000+ (March 2024)[4] |
| Subsidiaries | |
| Website | www |
Kotak Mahindra Bank Limited is an Indianbanking andfinancial services company headquartered inMumbai. It offers banking products and financial services for corporate and retail customers in the areas ofpersonal finance,investment banking,life insurance, andwealth management.[6] As of December 2023, the bank has 1,869 branches and 3,239 ATMs, including branches inGIFT City andDIFC (Dubai).[7]
In 1985,Uday Kotak founded Kotak Capital Management Finance Limited as a financial services company with a loan of₹30lakh from family and friends.[8] In 1986,Anand Mahindra and his father Harish Mahindra invested₹1 lakh in the company which was subsequently renamed Kotak Mahindra Finance.[9] The company was initially engaged in bill discounting, along withlease andhire purchase activities.[10]
In the early 1990s, the company started offeringcar financing andinvestment banking services and expanded its operations overseas. In 1996, car financing company Kotak Mahindra Primus was incorporated as a 60:40joint venture between Kotak Mahindra Finance andFord Credit International.[11] In the same year, Kotak Mahindra Finance hived off its investment banking division into a new company, Kotak Mahindra Capital, started in partnership withGoldman Sachs.[12]
In 1998, Kotak Mahindra Finance started itsmutual fund arm calledKotak Mahindra AMC.[13] In 2001, OM Kotak Mahindra Life Insurance was established as a 74:26 joint venture between Kotak Mahindra Finance andOld Mutual.[14]
In February 2003, Kotak Mahindra Finance received abanking licence from theReserve Bank of India, becoming India's firstnon-banking finance company to be converted into abank. Kotak Mahindra Finance was then renamed Kotak Mahindra Bank.[15] At the time,Uday Kotak had a 56% stake in the company whileAnand Mahindra held a 5% stake.[16]
In 2005, Kotak Mahindra Bank acquired Ford Credit's 40% stake in Kotak Mahindra Primus, making it a wholly-owned subsidiary of the group.[17] Kotak Mahindra Primus was subsequently renamed as Kotak Mahindra Prime.[18] In 2006, Kotak Mahindra Bank bought out Goldman Sachs' 25% stake in Kotak Mahindra Capital for₹210 crore (US$46.35 million) and 25% in Kotak Securities for₹123 crore (US$27.15 million), turning both companies into its wholly-owned subsidiaries.[19]
In 2014, Kotak Mahindra Bank acquired a 15% stake inMulti Commodity Exchange (MCX) fromFinancial Technologies Group for₹459 crore (US$75.21 million) to become the company's largest shareholder.[20]
In 2014, Kotak Mahindra Bank announced the acquisition ofING Vysya Bank in a deal valued at₹15,000 crore (US$2.34 billion). With the merger completed in 2015, Kotak Mahindra Bank had almost 40,000 employees, and the number of branches reached 1,261.[21] After the merger,ING Group, which controlled ING Vysya Bank, obtained a 6.5% stake in Kotak Mahindra Bank.[22]
In 2015,Kotak Mahindra General Insurance, a wholly-owned subsidiary of Kotak Mahindra Bank, started operations after receivingIRDAI's approval.[23] In 2016,Bharti Airtel and Kotak Mahindra Bank started an 80:20joint venture calledAirtel Payments Bank.[24]
In 2016, Kotak Mahindra Bank acquired BSS Microfinance for₹139.2 crore (US$20.72 million).[25]
In March 2017, Kotak Mahindra Bank launched anonline savings account called Kotak 811,[26] named after the date Prime MinisterNarendra Modi had announceddemonetisation in the previous year (8 November), which according to Uday Kotak was "the day that changed India."[27][28] Kotak 811 helped the bank double its number of customers by September 2018.[29]
In April 2017, Kotak Mahindra Bank acquired Old Mutual's 26% stake inKotak Mahindra Old Mutual Life Insurance for₹1,292 crore (US$198.4 million), making the life insurance company its wholly-owned subsidiary.[30]
In 2021, Kotak Mahindra Bank sold its 8.57% stake in Airtel Payments Bank toBharti Enterprises for₹295 crore (US$39.81 million).[31] In the same year, Kotak Mahindra Group acquired the vehicle financing portfolio ofVolkswagen Finance India[32] and passenger vehicle financing portfolio ofFord Credit India.[33] In 2022, it acquired the agriculture and healthcare equipment financing portfolio ofDLL India.[34]
In 2023, Kotak Mahindra Bank acquired microfinancier Sonata Finance for₹537 crore (US$63 million).[35]
In February 2024,Zurich Insurance Group announced its acquisition of a 70% stake inKotak Mahindra General Insurance for₹5,560 crore (US$650 million).[36]
Major subsidiaries of the Bank include[37]
In a study by Brand Finance Banking 500 published in February 2014 byBanker magazine, Kotak Mahindra Bank was ranked 245th among the world's top 500 banks with a brand valuation of aroundUS$481 million and brand rating of AA+.[38][39]
In 2020, Kotak pledged to donate₹50 crore to thePM CARES Fund to fight against theCOVID-19 pandemic in India.[40]
In April 2024, theReserve Bank of India barred Kotak Mahindra Bank from onboarding new customers via mobile banking, online channels, and issuing new credit cards.[41] Existing customers were not affected. The RBI cited deficiencies in the bank's IT systems as the reason for this action.[42]
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